What’s the best way to learn how to buy foreclosed homes, or sherriff’s sales?
In order to fix them up and sell to the general public…
I am looking for a way to learn about this business so that I don’t get burned once I get into it and spend the money.
Thanks.
Go to your local sheriff’s sales, start talking to people there…you’ll learn a lot just by asking people. The other thing that will be helpful is to find a local real estate investor’s club and attend a meeting. You’ll learn a lot there.
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March 14th, 2010 at 10:55 pm
go to your local library and find the books.
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March 14th, 2010 at 11:29 pm
Because every state & county is somewhat different, find someone who does it in your locality & work with him.
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March 14th, 2010 at 11:38 pm
the way to find out about the homes are to go to county courthouse in your area you want to buy in and find out addresses and auction dates
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March 15th, 2010 at 12:22 am
Nelly, I have to be honest with you, are you out of your mind? lol The boat sailed quite awhile ago. You can watch all the TV you want, but they don’t show you the bad stuff. They don’t show you how long it took or what problems they ran into or the ones that still haven’t sold.
So I think you need to find another line of work. This isn’t for the faint at heart. This is for investors who know construction, have lenders, contractors, Realtors etc. standing by to help them make a return on their investment. Buying foreclosed properties requires funding up front, knowledge of how it works, you will be up against people who do this for a living and know what to bid and not bid on. You don’t just walk up to the lender and say, hey the place is a dump, I’ll give you $1 for it! You have to bid on these properties. Anything listed as short sale, again you have to place an offer and wait until the lender gets around to looking at it. For some unknown reason time isn’t money to the lenders. I think they would really rather foreclose.
So not to be brash, but this isn’t the kind of thing you can make a living at unless you have gobs of extra cash and nothing better to do with it.
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March 15th, 2010 at 1:01 am
Go down to your local courthouse and ask the clerk where they post the forclosure and sheriff’s sales lists. Then go to the lists and write down the numbers to the properties you are interested in. Take those numbers back to the clerk and they will pull the files on each property which will have all the information you need.
Don’t rely on other people to do this or websites at first because you will only become more confused and get yourself into trouble.
Once you have all the information organized then you can start to make phone calls to the owners of the properties and bids on the sheriff’s sales.
My advice is to learn how a real estate transaction works before dealing with other people because they will take advantage of you not knowing how the process works.
If you would like more advice, please feel free to email me.
References :
16 yrs real estate
Transaction Coordinator
New Agent Trainer
Title & Escrow
Loan Originator/Processor/Signer
Foreclosure Solutions
FSBO Specialist
March 15th, 2010 at 1:11 am
Go to your local sheriff’s sales, start talking to people there…you’ll learn a lot just by asking people. The other thing that will be helpful is to find a local real estate investor’s club and attend a meeting. You’ll learn a lot there.
References :
I am a real estate investor
http://www.flashinvestments.com